A recent study cites a number of cases in which democracies eventually won: the Dutch revolt against Spain from the late 16th century to early 17th century; the 125-year military rivalry between England and France (1689-1815); the Allies' rivalry with Germany from the late 19th century to the end of World War II; and the NATO states' cold war with the former Soviet Union.

The study's authors claim the democratic states usually win because of their greater ability to establish a limited government with popular support. Nations with limited governments have greater rates of economic growth and, hence, more resources for war.

Democracies also have substantial short-term financial advantages during conflicts, because they are able to raise massive funds through debt-financing. They have better credit because of their economic growth and they are less likely to default on debt due to the greater stability of their political institutions and legal protections for private property.

Source: Kenneth A. Schultz and Barry R. Weingast, "The Democratic Advantage: The Institutional Sources of State Power in International Competition," Essays in Public Policy No. 67, 1996, Hoover Institution, Stanford University, Stanford, CA 94305, (415) 723-1754.